Roxy-Pacific net profit down 26% in Q2

Artist’s impression of LIV on Sophia, an apartment project that is expected to be completed in 2018. Roxy-Pacific Holdings saw its net profit drop 26 percent to $14.7 million in Q2 2017 from $19.9 million over the same period last year. Revenue also declined 21 percent from $98.4 million to $77.8 million. The group attributed the decrease in revenue to lower revenue recognition from Whitehaven, Jade Residences and the absence of revenue recognition from LIV on Sophia. Nonetheless, Roxy Pacific revealed that its recent launches in Singapore and Australia were warmly received, with Straits Mansions in Singapore fully sold, while Australia’s Octavia and The Hensley were 95 percent and 93 percent sold, respectively. Its latest launch in West End, Glebe, Australia also received robust response, with 70 percent of the launched units sold within a few hours. To date, 84 percent o...